Ironveld raises funds through placing of shares to shore up balance sheet, support production
Source - SMW
Ironveld said Tuesday it had raised £1.1m gross through the placing of shares to shore up its balance sheet and commence production of high purity iron, vanadium and titanium.
The net proceeds of the placing would also put the company on a stronger footing and cover its overheads as it continued detailed discussions with two potential development partners for the high purity iron, vanadium and titanium project.
The company issued 62,857,143 shares at a price of 1.75p per share.
The proceeds from this fundraise would significantly strengthen 'our balance sheet and place us in a position of strength as we continue discussions to enable the Company to commence production of High purity iron, vanadium and titanium,' the company said.
The company said it remained engaged in an extensive due diligence process, and with the potential off-taker following completion of the bulk sampling programme.
At 9:57am: (LON:IRON) Ironveld Plc share price was -0.25p at 1.95p